Question

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*Course Name:Financial Management for Healthcare

Each student should write a page and a half about any factor that contributing in decreasing or increasing the cost of healthcare.

I need new and unique answers, please. (Use your own words, don't copy and paste)

( more 500 words please)

EXHIBIT 1.8 FACTORS AFFECTING THE COST OF CARE Factors Contributing to Decreases in Costs • Value-based purchasing • Management of physician preference in medical devices Factors Contributing to Increases in Costs • Emerging medical technology Genric drugs coming onto the market • Chronic diseases . More robust use of health IT to manage populations and prevent medical errors • Aging population • Lean/Six Sigma initiatives • Influx of participants into the market due to extended coverage and insurance mandate Professional liability and malpractice costs Informed consumers responsible for more of the cost of care • Workplace wellness and employer programs

Answer 1

Factors which Increse the cost, my opinion are as follows-

The main and important factors are Increase cost are use of branded medicines which prescribed by doctors, branded medicines 's cost are very large amounts, a serious poor patient can't pay, but generic medicines are very cheaf and having same effect and quality like branded medicines, medical practisonal get benefits from MR distributors, in case of they prescribed to patients a branded medicines.

Other factors like consumer don't know about health care cost, using devises, unaware about medical treatment, diagnosis, and what a actully cost are, which medical devices are appropriate or not.

Chronic disease also affect the cost health care, chronic disease treatment require a continue treatment, medicine, regular follow up with doctors, these things also Increse the cost and affect the family economy.

Emergency medical services Increse the cost of health care, because they are very expensive, in emergency we have to know better diagnosis, now new diagnosis technique are available and they are more expensive.

Aging population especially above 60 year people are more prone to chronic illness, due to low immune system, or reduce flexibility of internal organs, their strengths are more in hospital for follow up, so they increase the cost of health care.

Decrease the cost of the health care as follows -

Use of generic medicines, we can decrees the health care cost, generic medicines are very cheaf and easy to use, more affordable for patients, so we should encourage to medical practitioners to prescribed more or more generic medicines, also rewarded to them.

Proper and accurate use of medical devises, only to needed patients which they require in really, it also decrease a actually cost.

We should improve and modify our information technology, more and more people aware about health, disease, prevention, treatment. If people are aware about these, it improves their health, no any disease, it decrease the amount of cost.

Social stigma are crucial point to affect health, people not go for their treatment, they careless about their health leads to chronic disease, then they go to hospital, now this time they have to paid more, we should reduce stigma, identify the stigmas, awre the person, what is good for them or what are not.

We havt have to give accurate information to people that right cost of health care, govt should also decide to same prices to treatment, if patients go for treatment in any hospital, the cost should be same, I see in hospital that different hospitals have different policies of cost of care.

Workplace wellness and employers programme should be necessary, they should take a appropriate information, what weakness, strengths, how they can decrease the cost or improve quality of care.